Soybeans set for best week in 6 months on production shortfall worries
U.S. soybean futures rose on Friday as concerns that the coronavirus pandemic will slow production set the oilseed on track for its best week in nearly six months.
Corn edged 0.4% lower but remained on course to post gains of around 1%, while wheat was set to finish the week up 5% for second straight week.
The most active soybean futures on the Chicago Board Of Trade were up 0.5% at $8.84-3/4 a bushel by 0416 GMT after closing little changed in the previous session.
Soybeans are on course to finish the week up 2.5% this week and are on pact to post their biggest weekly gain since Oct. 4, 2019.
“The coronavirus pandemic will curtail production globally, which will be felt in China as they come through the worst of the virus,” said one Melbourne-based grains trader who declined to be named as he was not authorised to talk to the media.
China’s soybean futures